The Most Common Scams in the Crypto Market
1. Pyramid or Ponzi Schemes
These schemes promise guaranteed and quick returns to attract investors. However, profits come only from new entrants, and the scheme collapses when there are no more inflows.
How to identify:
Promises of fixed and unrealistically high returns.
Requirement to recruit others to make profits.
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2. Phishing
Scammers create fake websites or emails that mimic legitimate exchanges or wallets to steal your credentials.
How to identify:
Suspicious links sent via email or social media.
Sites with URLs slightly different from the official ones.
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3. Fake Technical Support
Scammers pretend to be representatives of exchanges or wallets, asking for sensitive information such as passwords or private keys.
How to identify:
Unsolicited contacts via social media or email.
Requests to share confidential information.
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4. ICO Scams and Fake Projects
Some cryptocurrency projects launch initial coin offerings (ICOs) or tokens with no real intention of development, disappearing with investors' funds.
How to identify:
Lack of clear information about the team and the project.
Exaggerated promises with no technical or market basis.
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5. Rug Pulls
The developers of a cryptocurrency project abandon the project and withdraw all liquidity, leaving investors with worthless tokens.
How to identify:
Projects with little or no security auditing.
Liquidity controlled exclusively by developers.
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Practical Tips to Avoid Scams and Frauds
1. Never Share Your Private Keys
Private keys are the gateway to your cryptocurrencies. If someone gets access to them, they can steal all of your assets.
Tip:
Store your keys in a secure, offline location, such as a hardware wallet.
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2. Use Trusted Exchanges and Wallets
Choose well-known platforms with a good reputation in the market.
Tip:
Check if the exchange has security measures such as two-factor authentication (2FA).
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3. Do Your Own Research (DYOR)
Before investing in any project, research the team, technology and proposal in depth.
Tip:
Be wary of projects that promise guaranteed returns or exorbitant profits.
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4. Be wary of irresistible offers
Scammers often lure victims with promises of quick and easy gains.
Tip:
Remember that in the financial market, high returns often come with high risks.
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5. Check URLs and Communication Sources
Always make sure you are accessing the official website or app of an exchange or wallet.
Tip:
Use bookmarks to access trusted exchanges and avoid clicking on links sent by third parties.
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6. Only Invest What You Can Afford to Lose
The volatility of the cryptocurrency market is already a risk in itself. Avoid compromising your personal finances.
Tip:
Set a budget for your crypto investments and stick to it strictly.
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7. Join Communities and Stay Informed
Being active in trusted cryptocurrency communities can help you identify potential scams.
Tip:
Follow forums, social networks and official channels of crypto projects.